Your loan details
You enter your own rate and terms — this tool does not quote or imply any MortgageQuote.com rate. Estimates are for education only.
Your break-even
How the refinance break-even point works
When you refinance, you typically pay closing costs — lender fees, title, recording, and related charges. In exchange, a lower rate or different term can reduce your monthly principal-and-interest payment. The break-even point is the number of months of savings it takes to recover those upfront costs. If you plan to keep the home (and the loan) well beyond the break-even point, refinancing is more likely to pay off. If you might sell or refinance again before then, the math is less favorable.
What to keep in mind
A few things this simple calculation doesn't capture, and that you should weigh with a licensed loan originator: extending your term can lower the monthly payment while increasing total interest paid over the life of the loan; rolling closing costs into the balance changes the picture; and cash-out refinances serve a different purpose than a rate-and-term refinance. Property taxes and insurance are excluded here because they don't change simply because you refinanced — only the principal-and-interest portion does.
Is refinancing right for you?
The break-even point is one input, not the whole decision. Your goals (lower payment vs. faster payoff vs. cash out), how long you'll stay, and your current equity all matter. For a Florida-specific look at your options, a licensed originator can walk through scenarios with you.